Planning for One: The Unique Financial Needs of Women Without a Spouse or Children
Joan built her career on the precision of her engineering background. In her career, she managed projects, solved complex problems, and made decisions with confidence for decades. Outside of work, she purchased a home, traveled the world and (accurately!) prepared her own tax return. She never needed anyone to take care of her — and she'll be the first to tell you so.
Joan became a client only a few months ago. As we began working together, we focused on some of the foundational planning issues that can become especially important for women aging without a spouse or children. We updated estate planning documents, coordinated trust funding and beneficiary designations, talked through who would be in a position to help if she ever faced a medical crisis, and set up financial account linking to help streamline cash flow.
I am especially grateful we had those conversations when we did and that I was able to introduce her and the healthcare agents named in her documents to a professional healthcare advocate, a resource they didn’t realize existed. Recently Joan experienced two serious falls, resulting in surgery. It has been a difficult and traumatic period for everyone involved and while no amount of planning can prevent life from happening, having the right people, documents, and support systems in place before a crisis occurs can make an enormous difference.
This is a stark reality that many fiercely independent women face as they move into their 60s, 70s, and beyond: the financial and logistical safety net that spouses and adult children often provide simply isn't there. And without deliberate planning, the gaps can become significant — sometimes at the worst possible moment.
Women who have never married, who are widowed or divorced without children, or who are simply navigating life on their own terms share a specific set of financial planning needs. Often called solo agers, at Sorelle we understand the challenge is not a lack of resources or capability. The challenge is that their plans need to account for a reality that many financial planning conversations never fully address.
Why Solo Agers Face Distinct Risks
Most traditional financial planning models are built around a household with two income streams, shared assets, and a built-in support system. When one person gets sick, the other steps in. When financial decisions need to be made, there's a partner to confer with. When caregiving is needed later in life, adult children often play a role in coordinating care and advocating with medical providers.
Solo agers don't have those defaults. That doesn't mean they're unprepared — in fact, many of the women I work with are extraordinarily capable and self-sufficient. It also doesn’t mean they don’t have loved ones willing to step in to help. But it does mean that the planning has to be more intentional, more complete, and started earlier than most people expect.
The Estate Planning Imperative
For solo agers, estate planning isn't just about what happens when you die. It's about what happens before — and that's where many plans fall short.
Financial Durable Power of Attorney. Without a spouse or adult child designated to step in, a solo ager who becomes temporarily incapacitated may have no one with legal authority to pay bills, manage investments, or make financial decisions. A well-drafted, current durable power of attorney - with a trusted agent identified — is non-negotiable.
Healthcare Financial Power of Attorney and Living Will. Who will speak for you if you can't speak for yourself? Who will be designated to receive medical information and coordinate your care? This is one of the most important questions a solo ager can answer in advance. Naming a healthcare agent and documenting your wishes in a living will ensures that the people around you — whether extended family, close friends, or medical providers — know exactly what you want.
Revocable Living Trust. A trust can be a powerful tool for solo agers for reasons beyond avoiding probate. It can provide a seamless transition of management if you become unable to manage your own affairs, and it gives you a structure to name successor trustees who can step in without court involvement. Trust funding matters too — a trust only works if assets are titled correctly.
Beneficiary Designations. Retirement accounts, life insurance policies, and annuities pass outside a will or trust. For solo agers whose estate may flow to siblings, nieces and nephews, friends, or charitable organizations, these designations need to be reviewed carefully and updated regularly. A mismatch between your intent and your beneficiary forms can redirect significant assets to people or places you didn't intend.
Long-Term Care: A Solo Ager's Greatest Financial Risk
Research consistently shows that single women are at significantly higher risk for costly long-term care needs — and for spending down their assets when care is needed — than their married counterparts. Without a spouse at home providing informal care, even a minor health event can quickly become a paid-care situation.
The options for funding long-term care needs have expanded beyond traditional long-term care insurance, which for many people is expensive or difficult to qualify for. Hybrid life insurance policies with long-term care riders and self-insuring are worth exploring. The right approach depends on your health, assets, and risk tolerance — but doing nothing is not a plan.
What's equally important is who will coordinate your care. This is a logistics and advocacy question as much as a financial one. Many solo agers have family members they trust, but those family members have their own lives, jobs, and health considerations. A professional care manager or aging life care specialist can serve as a coordinator and advocate — someone whose job it is to navigate healthcare systems, evaluate care options, and ensure you're getting what you need. Identifying and building that relationship before a crisis is far preferable to searching for one in the middle of one.
Investment and Income Planning Without a Built-In Backstop
In a two-person household, one partner's spending can often be absorbed by the other's income during market downturns or unexpected expenses. Solo agers don't have that cushion.
This makes sequence-of-returns risk particularly acute. A significant portfolio loss early in retirement, combined with ongoing withdrawals, can permanently impair your ability to sustain your lifestyle. Strategic withdrawal strategies, a thoughtfully maintained cash reserve, and a portfolio constructed with growth and stability in mind can help manage this risk.
Social Security timing matters more for solo agers than many people realize. For women who have strong longevity in their family history, delaying Social Security to maximize the monthly benefit is often worth careful analysis.
Building Your Circle of Support
One of the most important and underappreciated pieces of a solo ager's financial plan is knowing who is in your corner.
This isn't just about professionals, though having the right team matters enormously: a collaborative financial planner who understands your situation, an estate planning attorney who has kept your documents current, a tax preparer who knows your tax picture, and a trusted healthcare advocate all play critical roles.
It's also about personal relationships. Who knows where your documents are? Who has a key to your home? Who would notice if something seemed wrong? These aren't purely financial questions, but they have real financial consequences if left unaddressed.
Some solo agers find it helpful to identify a small group of trusted people — a sibling, a close friend, a financial advisor — and be explicit with them about their wishes, their plans, and their preferences. This isn't about burdening anyone. It's about making sure the people who care about you have what they need to help, if and when the time comes.
The Conversation Worth Having Now
The women I work with who are navigating life on their own are some of the most resilient, capable, and thoughtful people I know. They've spent decades making smart decisions. What they sometimes haven't done is build a financial plan that accounts for the specific shape of their life — not a generic household model that doesn't fit.
If you don't have a spouse or children, your plan needs to be more deliberate in the places where others rely on a default. That's not a limitation — it's simply a different set of parameters. And with the right planning, it's entirely manageable.
At Sorelle, we work with women at every stage of solo aging — from the early planning stages where there is plenty of time to put structures in place, to the moments when life suddenly reminds us why those structures matter. The goal is not to eliminate every risk. It is to ensure that when challenges arise, the people around you know what to do, have the authority to help, and have access to the resources you need.